Section 907 of the Principal Act is amended -
(a) in subsection (2), by the insertion of "subsections (2A) and (2B) and" after "Subject to", and
(b) by the insertion of the following subsections after subsection (2):
"(2A) On and from 17 June 2016, the Minister shall not appoint a person under subsection (2) as a director unless the Minister is satisfied that the person is knowledgeable in areas relevant to the conduct of statutory audits as specified in Schedule 1 to the 2016 Audits Regulations.
(2B) On and from 17 June 2016, the Minister shall not appoint a person as a director under subsection (2) if the person -
(a) on the proposed date of his or her appointment as a director -
(i) carries out statutory audits,
(ii) holds voting rights in an audit firm,
(iii) is a director or member of an audit firm, or
(iv) is employed by or otherwise contracted with an audit firm,
(b) has, at any time during the 3 years immediately preceding the proposed date of his or her appointment as